CSR 2.0: from the age of greed to the age of responsibility

Abstract

Gordon Gekko's words, although spoken by a fictitious Hollywood character, captures the spirit of a very real age: the Age of Greed. This was an age that, in my view, began when the first financial derivatives were traded on the Chicago Mercantile Exchange in 1972 and ended (we hope) with Lehman Brothers' collapse in 2008. It was a time when ‘greed is good’ and ‘bigger is better’ were the dual-mottos that seemed to underpin the American Dream. The invisible hand of the market went unquestioned. Incentives – like Wall Street profits and traders’ bonuses – were perverse, leading not only to unbelievable wealth in the hands of a few speculators, but ultimately to global financial catastrophe.

Citation

Visser, W. (2010), "CSR 2.0: from the age of greed to the age of responsibility", Sun, W., Stewart, J. and Pollard, D. (Ed.) Reframing Corporate Social Responsibility: Lessons from the Global Financial Crisis (Critical Studies on Corporate Responsibility, Governance and Sustainability, Vol. 1), Emerald Group Publishing Limited, Leeds, pp. 231-251. https://doi.org/10.1108/S2043-9059(2010)0000001016